If you live in a house, condo or rental apartment, you should have Property and Liability insurance. Property insurance covers your building and/or contents against loss or damage. Liability coverage provides legal defence and payments you may be legally liable to pay to third parties for bodily injury or property damage caused by you or other insured persons in your household.

A typical policy covers:

• Dwelling, Outbuildings and Other Structures when you own the property.
• Personal Contents in the home and on the property. NOTE: Your Landlord is not responsible for your contents when you are a Tenant. If the Landlord has property insurance, it is covering the building only, not the personal property of Tenants. A person can only insure property they own, or in which they have an insurable interest.
• Additional Living Expenses incurred when you have to temporarily move out while the property is being rebuilt or repaired.
• Perrsonal Liability for your personal actions worldwide, not just at the insured premises.

Condominium Owners

Condo unit owners should have special insurance that addresses the unique features of condo ownership when there is a Condominium Corporation. These coverages include:

• Improvements You Made to the Unit
• Loss Assessment by the Condo Corporation
• Contingent Insurance (where the Corporation's insurance is inadequate)

Important coverages that are sometimes overlooked, to the detriment of the Insured, include:

Sewer, Septic Tank, Drain or Sump Back-up: This is not an automatic coverage so must be specifically requested. Covers sudden and accidental escape of water from your sewer, sump, septic tank or eavestrough or downspout. There are limitations, exclusions and conditions for coverage so you should read the policy wording carefully.

Identity Theft: Covers expenses incurred to re-establish your identity that has been compromised. Expenses include legal fees, application fees, certified mail, telephone expenses, and loss of income due to time off work.

Other Extensions

There are many extensions, special features and coverages available to supplement the standard policies, affording an Insured the breadth and depth of protection to insure them against all insurable risks and exposures. These include:

• Seasonal or Secondary Residence
• Home-based Business
• Recreational Vehicles, ATVs, Snowmobiles, Trailers
• Watercraft
• Liquor Liability for Special Events